BANK OF AMERICA CORP (BAC) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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1 Q4-16 Financial Highlights1 Q4-16 Business Segment Highlights1 Consumer Banking Global Wealth and Investment Management Global Banking Global Markets CEO Commentary 1 Financial Highlights and Business Segment Highlights compare to the year-ago quarter unless noted. Loan and deposit balances are shown on an end-of-period basis. 2 Combined consumer credit/debit spending, including GWIM, excludes the impact of portfolio divestitures. Including divestitures, combined spending was up 4%. 3 Period-end loan balances for Q4-16 include $9.2 billion of non-U.S. consumer credit card loans, which are included in assets of business held for sale on the consolidated balance sheet. • Loans up $20.1 billion; deposits up $55 billion • Brokerage assets increased 18% • Mobile banking active users increased 16% to 21.6 million • Total credit/debit card spending up 6%2 • Revenue, net of interest expense, increased 2% to $20.0 billion from $19.6 billion – Net interest income (NII) increased 6% to $10.3 billion, reflecting benefits from higher interest rates as well as growth in loans and deposits, partially offset by $0.2 billion in market-related debt hedge ineffectiveness(A) – Excluding adjustments for certain trust preferred securities in Q4-15, NII was relatively flat(A) – Noninterest income decreased 2% to $9.7 billion from $9.9 billion • Provision for credit losses declined to $774 million from $810 million. Net charge-offs declined to $880 million from $1.1 billion; net charge-off ratio improved to a historic low of 0.39% • Noninterest expense declined 6%, or $849 million, to $13.2 billion • Pretax earnings up 27% to $6.1 billion • Net income increased 43% to $4.7 billion, and EPS increased 48% to $0.40, compared to $3.3 billion and $0.27, respectively • Loan balances increased $19 billion to $915.9 billion.3 Deposit balances increased $64 billion to $1.26 trillion • Return on average assets 0.85%; return on average common equity 7.0%; return on average tangible common equity 9.9%(C) • Book value per share rose 7% to $24.04; tangible book value per share(C) rose 9% to $16.95 • Repurchased $5.1 billion in common stock and paid $2.6 billion in common stock dividends in 2016 • Total client balances increased $50.5 billion to more than $2.5 trillion • Loans up $9.1 billion • Pretax margin improved to 23% • Long-term assets under management (AUM) flows of $18.9 billion • Loans up $15.6 billion; deposits up $10.3 billion • Total Corporation investment banking fees of $1.2 billion • Return on average allocated capital (ROAAC) increased to 17% • Sales and trading revenue of $2.8 billion, including negative net debit valuation adjustment (DVA) of $101 million • Excluding net DVA, sales and trading revenue up 11%(B) – Fixed income up 12%(B) – Equities up 7%(B) Bank of America Reports Q4-16 Net Income of $4.7 Billion, EPS of $0.40 Increases Planned Common Stock Repurchases for First-Half 2017 by $1.8 Billion to $4.3 Billion “We had strong results in 2016 because our strategy is working. We are lending more and seeing historically low charge-offs, which is what responsible growth is all about. Revenue was up modestly, but EPS grew by 15% as we continued to manage our expenses and create operating leverage. With strong leadership positions in our businesses against a backdrop of rising interest rates, we are well-positioned to continue to grow and deliver for our shareholders in 2017." — Brian Moynihan, Chief Executive Officer Balance Sheet Highlights ($ in billions, at end of period) December 31, 2016 September 30, 2016 December 31, 2015 Total assets $2,187.7 $2,195.3 $2,144.3 Total loans and leases 906.7 905.0 897.0 Including non-U.S. consumer credit card 915.9 905.0 897.0 Total deposits 1,260.9 1,232.9 1,197.3 Global Liquidity Sources(D) 499 522 504 Common equity tier 1 (CET1) ratio (transition) 11.0% 11.0% 10.2% CET1 ratio (fully phased-in)(E) 10.8% 10.9% 9.8%


The following information was filed by BANK OF AMERICA CORP on Friday, January 13, 2017 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0000070858-17-000013
  • Submitted to the SEC: Thursday, February 23, 2017
  • Accepted by the SEC: Thursday, February 23, 2017
  • Period Ending: December 2016
Companies
 

BAC Morningstar

BANK OF AMERICA CORP

$24.23 -0.35 (-1.42%)

Day's Range:
$24.02 to $24.35

52-Week Range:
$12.05 to $24.95

Volume:
97,074,433

Volume (Avg):
105,545,000

Earnings per Share:
$1.50

PEG / Short / PE Ratios:
1.31 / 1.10 / 16.15

Market Cap:
$254.81B

Book Value:
24.04

EBITDA:
$0.00